Blue Sea Bay, Makadi Bay

[Mussa1]

Yeh 2beds do look good, but unfortunately am a young lad buying a property first time. How much would you save if bought direct from egypt and not through an agent in the uk. The agent is charging around £200 for his services,broker fee!

 

[rumbaba]

If the agent is only charging £200 then that may be reasonable. I used classica group and they had no fees.

 

[rumbaba]

Here are photos of El Gouna which is in Hurghada and is built by the same developer.

It has a great colour scheme and looks great!

I hope the developer will use a similar colour scheme in Makadi. I urge everyone who has bought to email the developer and suggest a similar colour scheme for Makadi Bay to give the resort more character!

Please email [email protected]

Thanks

Rumbaba

 

[rumbaba]

I found the Orascom business plan for their developments. With Makadi we are at the first stage of the development.

From their model it is clear that any profit they make from the first phase is invested back into the development so that the value of the whole resort rises. They then sell off the rest at much higher prices.

Luckily we are in the first phase so this project looks like a winner!

 

[Georgina]

I found the Orascom business plan for their developments. With Makadi we are at the first stage of the development.

From their model it is clear that any profit they make from the first phase is invested back into the development so that the value of the whole resort rises. They then sell off the rest at much higher prices.

Luckily we are in the first phase so this project looks like a winner!

I have lived in El Gouna for six years and love every minute of it. Yes prices have gone through the roof since I purchased in 2003. El Gouna is growing and growing and going more and more upmarket. Investing in property you have to look at the whole picture. For sure there are resale properties in El Gouna that have been on the market for years with the most outstanding views. There is so much choice here now that the those thinking they can sell at USD2,000 - USD3,000 per sq. m. but have let their older buildings deteriorate internally and externally are disappointed. And if you have a premium location and design you can ask what ever you want.

We also have the workers village, El Bustan, near the El Gouna airport built in a similar style that sells for a fraction of the cost.

You have to consider what you will do with your property. Is this a touristic development or housing development. If you are going to rent is it for holiday rentals or long term living accommodation. Rentals per week for holidays are usually the same per month for long term. If for holidays then if you were booking your annual holiday is it somewhere you would choose bearing in mind that flights and apartment rentals are sometimes more than a package at a beachside resort.

Buying in El Gouna was the best thing I ever did. But I did my homework. I wasn't looking for a property to sell on at a profit, I was looking for a long term home in the sun that initially I rented out as holiday lets. This plan didn't work. It drove me crazy living in cold Britain knowing I had a home in the Red Sea. So I rented out my house in Britain and moved to Egypt

I wish everyone all the happiness with their new purchases. I can certainly recommend Orascom!

 

[Alan Cockayne]

I have lived in El Gouna for six years and love every minute of it. Yes prices have gone through the roof since I purchased in 2003....
Buying in El Gouna was the best thing I ever did. But I did my homework. I wasn't looking for a property to sell on at a profit, I was looking for a long term home in the sun that initially I rented out as holiday lets.......

I wish everyone all the happiness with their new purchases. I can certainly recommend Orascom!

Hi Georgina.

That's the best advice anyone could have posted about buying in Egypt. Well done.

Investors think it's easy to buy cheap and make profit. Over time yes, values are relative as inflation and costs generally increase. But lots thought flipping for profit would be easy.... To many the financial crash saw that it wasn't.

Now Egyptian investors who let their property get run down may only see cheap rent or sell off at the bought rate. Foreign buyers who upgraded their property will make more, both in private rental income and from its resale value but in the present buyer's market, be prepared to haggle.

As I see it, now is a good time to buy a distressed resale (an Egyptian ruined unit for renovation or an incompleted sale due to lack of funds providing the documents are genuine.) A new, nearly completed shell on a Hotel Resort with facilities and beach would be even more favourable as it can be made to your own liking.

As Georgina points out, package holidays in hotels may still be better value but with research and if done in the right way, owning will be more satisfying in the longer term.

Alan Cockayne - Coralife-Style Consultants.

 

[Picasso]

Hi all:

I'm interested in buying a property in Egypt for investment and for a holiday home in future. I was thinking of Azzura and Veranda on Sahl Hashesh, but I found them expensive.

I found Makadi by Orascom is reasonably priced.

As a first-time buyer, do you find this project a good investment?

Anyone knows how far is it from the beach?

Do you recommend me buying it directly from Orascom or through an agent, and is there a price difference?

Thanks,

 

[Alan Cockayne]

Is it a good investment?

Hi all:

I'm interested in buying a property in Egypt for investment and for a holiday home in future. I was thinking of Azzura and Veranda on Sahl Hashesh, but I found them expensive. But they have beach access and hotel facilities which increases the value of your investment over time

I found Makadi by Orascom is reasonably priced. Because it is a project designed probably for the local market as a stop-gap project instead of Cape Citadel

As a first-time buyer, do you find this project a good investment?If you want to be part of the Egyptian community and workforce, it's fine.

Anyone knows how far is it from the beach? About half a mile at the nearest point from the road that intersects the bay.

Do you recommend me buying it directly from Orascom or through an agent, and is there a price difference? Agents should not be charging fees as their commission is built into the price Orascom is marketing them. However, by doing your homework take advice from reputable agents and independent advisors before you part with your cash as we read some developers have not been as genuine as Orascom in practice.

Thanks,

Your welcome.

Alan - Coralife-Style Consultants.

 

[chris_property]

Hi Rumbaba,
Interesting finds with the buildings from Orascom on the last page and also the plan, well done! You certainly can find some good information for this topic

Interesting reading the last lot of posts, Mussa, a 2 bedroom would be nice to be able to go for in the project, but getting in over your neck if it is beyond your budget would cause a headache.

The 1 bedrooms seem to be 39 Sq.m I have a 44 Sq.m Studio Apartment in Bulgaria, 38 Sq.m inside and it feels spacious for the size but it is open planned. It depends what you want out of it and if your budget can afford a1 bedroom and you know what can be done with the property and are prepared to think of the long term reasons for yourself then it could be good for you. Weigh up the options. I know of smaller Studio apartments priced a lot more in places and some people do like these options to have a base at a low entry cost.

The 2 bed buy for me was to go for a sightly bigger property unit than what I have in Bulgaria and also they have a balcony which is great and I liked the design of the unit and development plans.

The value of this development which has been repeated here and the developer looks very promising for all of us who have bought in Makadi.

Many people buy for the wrong reasons in many country's, flipping off plan I have seen people get badly burnt in this and some people badly over extended themselves buying more than they could afford thinking they can flip 3 apartments, pay for 1 and ended up ruined.

Personally I enjoy owning and using property as well as the investment side which I always see as the long term. I always intend to buy something I will use for myself and family and friends, rental is a bonus in any market and rarely are you actually "Making money / profits" but putting it towards the running costs of your property unless you have a very solid packed calendar in a long season or year round rental. Holiday deals is a hard battle for the single flight and apartment rental price balance etc.

I agree with Alan, it is much more satisfying for sure in the longer term owning a property and very rewarding seeing the end results and the nice climate.

Look forward to more input in this topic and following progress as Makadi moves on.

All the best,

Chris

 

[Mussa1]

Thank you chris, after thinking it over the weekend. I have now gone for the type 2, 1 bedroom apartment with the high ceilings and the open views.

Main reason for buying would be to use for myself and family and friends and any income i can get from it will be a bonus (am not holding onto that). I do not intend to sell anytime soon as i believe the price it is bought for in 10 years time, it would be worth much more.

 

[Picasso]

Thanks Alan for your reply.

 

[rumbaba]

Thank you chris, after thinking it over the weekend. I have now gone for the type 2, 1 bedroom apartment with the high ceilings and the open views.

Main reason for buying would be to use for myself and family and friends and any income i can get from it will be a bonus (am not holding onto that). I do not intend to sell anytime soon as i believe the price it is bought for in 10 years time, it would be worth much more.

Nice to hear of more people who have bought in the development!

Have you joined the Makadi facebook group? - I do not think there is sufficient UK representation in this group yet!

Did you go for a UK agent or one based in Egypt?

 

[rumbaba]

Just for completeness I thought I would add this map here. It was posted on a previous thread that has now been removed.

 

[rumbaba]

I found Makadi by Orascom is reasonably priced. Because it is a project designed probably for the local market as a stop-gap project instead of Cape Citadel

As a first-time buyer, do you find this project a good investment?If you want to be part of the Egyptian community and workforce, it's fine.
Alan - Coralife-Style Consultants.

Doesn't look like Makadi is a project for the egyptian workforce. From the attachment seen Orascom is putting Makadi on a par with its high end developments and not its budget housing developments like Haram City!

 

[chris_property]

Hi Mussa,
Congratulations on going for a 1 bedroom, for your budget and size this sounds good for you as it is good value for this size of property, year round climate and not far back from the coast. Good to see more buying in the project and when the time comes to furnishing I am sure you can do it well to suit.

Rumbaba, never knew the other topic was off with your map, I googled the facebook page and seen there is around 260 members. Is the page lively as I don't have an account with facebook and didn't see that many posts?

I think there will be a fair number of UK investors here as well.

I can use my partners facebook account if needs be, I may set one up yet but I know too many people on it and it would be another thing to attend to and can live without it for the moment

I agree, I don't think Makadi is aimed at the local workforce, surely if it is they will be well looked after with the central style club house, swimming pools and tennis courts. It is marketed as a touristic development and residential so maybe get a mixture of people who decide to live there and holiday home owners and investors. There will be an Egyptian community of course, its Egypt!

All the best,

Chris

 

[rumbaba]

Hi Chris,

The facebook page is anything but lively so I personally would join facebook just to have access to that page at the moment.

Kind reagrds,

Rumbaba

 

[Steveand Christine]

New photos have been added to the construction update page shoing progress of Q1 and the start of Q2:-

Construction Updates - Makadi – Exclusive Development in Makadi, Makadi Bay Project for sale

 

[rumbaba]

These construction updates are great! Thank you. It is so nice to see the resort slowly taking shape.

 

[johnsarah]

Makadi Bay

Hi

first post on the forum, i have read a lot of posts and there is some really useful information so thanks to all. i am thinking of buying a 2 bed apartment in the Makadi Bay development and really havent got a clue were to start.

can somebody please advise what the off plan price includes, is it just an empty shell? are bathroom suites and kitchens added extras? probably sounds like a stupid question but i really havent a clue.

I will soon be looking for an agent but have a few things to iron out first so again any advice would be appreciated.

thanks

john

 

[SHO]

Dear John,

The price includes full finishing with most pre-installations, the bathroom is fully tiled with a shower cubicle, sink and toilet. Kitchens are not included.

George